The Sun. — London, England, 1818-04-21 00:00:00

on. the tlvra aitvertea to the recent 'propos'ition of calling upcn Country Bankers for Stock securitv equal to tie 'issue of their small notes. On this he c-Immynted in some detail, 'and scented to im p-ufo it s tendency, as militating against that prin ciple uptn which all Bank notes were received -the geteral credit, or faith in the stability of the cmcem and particularly as detracting from the 'credit of their respective firms as to their larger - fl oret, while it went to favour the credit of the Ba4k of England exclusively. As to the idea of Stick Debentures, he regarded it as so extravttgatAt ii itself, that it could not be seriously coun tenanced in any degree. Recurring then to the state of the,currency, it was a point, his Lordship contended, which perhaps more-.than any other - called for a Parliamentary investigation. He first dwelt upon the paper branch thereol, and observed that there were now four descriptions of - Paper.Curreuciec in circulation.; and. on refer ring to the Metallic Branch, it was, in its rela tions to the 'state of the exchanges., and the cur rent prices of the precious metals, equally worthy of their Lordships' attention. In his view of this !inn of the subject, he roust repeat what he had advanced on a former occasion, that silver would be pieferablc to gold as a standard coin. This lie advanced as a general principle ; and with re tee ence To the immediate circumstances of the country, the prices of metals, and the rate of the xel,anges, the exportation of gold would be more than that of silver. And it WAs proved by time ealeuiatious of indivirluals the most-com petent, of Sir Isaac Newton,„in his day, that 21 shillings were intrinsically more valuable ' th-an otie gitioea, by fourirence ; and recently it WaS . eaktlhted, tb4t twenty new shillings were more -valuable than the gold sovereign, by more 'than tenpence. Ile then glanced at the Mint regula tions, which, he contended, operated impercepti -I,ly ; and would tend, if not altered, to iticapaci true the Bank from re4urning caSh-payments. Rivets, therefore, should have considered, before they•gnee a p!cOge as to their resumption at the expiration of a year. After dwelling principally on these pf,ints, in a considerable degree of de tail, blended with -much documentary reference, and insisting, iA every view he had taken of the subject, on the necessity old Parliamentary in quiry, the Noble Earl'eoneltided by moving, . . .. _ '' That this Home do appoint a Committee to inquire into and examine the present state of - the metallic and paper cur rency; and the Issues payalde to the Bank of England, and report the same to the House."- -- The Earl of f.,11/Rli root. rose, and begged' the indulgence of •the House while he offered a fe4 observations, which -he felt 'called for in cause. queuce of some_ points which fell from the Noble —Earl ; and he mnst be allowed 'to say, with all • reasonable deference for the judgment and infar. marion relative . .to a question upon Which the Noble Earl had so much labour, he had • never beard so muck dogmatising in a discussion .. before. One princ:ple . down by the Noble • 'Earl he cordially" concocted in, namely, that the best system tor - the- circulation of ally country was a system of paper currency, .which paper should be liable. to - he paid in a metallic ore, if called tor. tie agreed also, unit the more a Piper currucy 'prevaded, the less tlicre wt.rtild be of a cash circulation, He could, hOwever, assirre - the Noble Lord (Landerd:de), u was_ well t 9 thOSt . Who !best knew him s that he was 015 atiXiollS as any man could he for the resumption of cash. payatetitS on the 'Fait of the Bank of:England, And that it with the greatest repugnance lie now recognised the . .nectlssity of .continuing the rtitrictiow for some time longer. With respect to what was said us to 'the prefetability of silver to•gold as a• standard, or a measure of value, he saw no reason to depart from the opini o n whi c h Ire (Lord Liverpool) formerly advanced neon the imint, which was decisively, that gold was pre frrable as a measure of value ; and it was known that it was long so in point of fact before it came to be sanctioned by law ; and, in all transactions, gold was considered as the .stamiard coin and it was not till, a long interval that it was enacted silver should not be s legal tender beyond 25/. lie diffned most essentially from the Noble Earl , npon this point, and: be slremed him to be mis taken as to the reasoning deducible from .the calculations - of Sir Isaac: Newton upon the value of that metal. By -the law, also, gold, in may be exchanged, on demand, for coin at the - Mint, whereas such a privilege was not ex tended to the holders of silver. bullion. Gold was certainly tnore liable to .be exported than silver, because a substitute may be found for the former, and nOne . could be found - for the latter. These, together with the advantages always afforded to gold by the -Mint regulations, we r?, he•thonght, conclusive as to the point. ...The Noble Earl then adverted to the impottant topic of the Paper Cir culation. On this he thought, taking the cities tion generally, it must be allowed that some re-, gulations .were necessary with respect to the cir- cnlation . ctf paper, and that something in the way -of check .should 'he provided. This principle, he thought, could not, be dispsited. As the law now stood, no check whatever existed with respect to the papercirculation, particularly with reference to the issue of small pores., N o win , iitt,t)eliev ed, . was very desirous of returning to,the.systew Of a pure metallic con ency, to the exclusion of a paper circulation, lie was decidedly of opitiion, -that the issues of Country Batiks• regnireu some .regulatiotr. . Since the year '1814; out of 700 Country:Banlis then _existing, ,no fewer. than 200 have disappeared. More than oue-third have been ..swept_, the face_ of the coun try and it was a, curious fact, that much of the.distress which the . country had at one, time experienced .was . ,- attributed to the extent to which the Codutry,Bault system had been carried. Here, then, was A great permanent evil, a thousand times more :orotidahle than. the Batik Restriction. The Bank, of England had been restrained by the hand of. GoVernment, from political considera tions ; and without the interposition of, scone re gulation, things iitay . fall out so, ,tis,by inducing a run upon the Country: Banks, it. -wout4nut - ,only those, but possibly cause. a. most. injurious 3!t111 ion the Bank of England itself, He .there lore . thouglit the.neeessity of some limitation was \ lite case of Scotland. it was very dil,i'e - rent, there not being, in fact, more than one ) what could properly he.called Private hat_part of the island. The bete, in con'segnence, or! ry Bad ts(ab it“:11t rsitfamed ttimdst entire. The Itian o'f ing the deposit of a certain amount of Stock, in the way 'of security, was not liable to those objec tions urged-by the Noble Lord. Such is deposit, he had - no' doubt; instead of tending to bring down the credit of the higher country notes, would, r.n the contrary, .tend to uphold - it. They ktiew, • from - the information before the frouse, the state of the currency with respect to the small notes, and as such would re quire to be stamped, they could know the qtrantiv in circulation from year to year, Such a regulation as , he contemplated, would nut, only - he beneficial to the credit of all, .hut, when tho 7 roughly considered, most be found essentially ne cessary. The real merits-of the present country banking system may he • appreciated, front the striking fact, that in perhaps the most populous, ppulent; and 'commercial county in'Great iii: itain, nasitely Lancaster, there existed not one single Country Bank. All its transactions were carried tin by means of Bank of England paper. There was nothing in the foreign relations;or in the in ternal state of the country, thit could render the 'continuance of the measure of restriction', 'pro.; spectively sOeskiug, necessary and the Bank was Hot only willing, but had tnt u le preparations for :the resumption of cash psymetits; and w as, as far as it was concerned, in a state to do sO:.. -With tespect to the advances made by the Batik to Go vernment, he could assure the House that as far as these might .apply they had.not" the iinputed effect as to the power of. the Bank, and that the Government were prepared yo 'repay these isclw,in ' ces as far as the Bank" thought it expedient to re- ceive them. They had no means of knowing, nor had any controulos - to the em ployinent of the vote funds of the Bank ; and . he differed front the Noble Earl as to Isis inferenc6 drawn from the state of the Exchequer, which depended upon causes widely different from what he seemed to content.; plate. Upon the whdle, from the immtdiately exist ing state of things, did not deem the present a favourable moment for, the Tesumption of cash payments, With reference to the _pending ar, rangentrists between France anti the Allies, and which may shortly be -adjusted, a more favourable opportunity may ere long he rationally expected to arise, and when the thing may be ootie with perfect safety. There could, be no differeoce,ot opinion as to the necessity- of bringing the sub ject of the paper currency (ruder their considera tion, and inflecting it to some.regulations. With respect to the motion itself, which was for the appuitument of a Committee of Inquiry, he really saw no good. purpose it could answer. Parlia ment, since-11m commencement 'of the Session; may be regarded as in a ,state of progressive in quiry into the general subject. For his own part, he cordially afforded to the Noble Earl every in formation he called for during. the .tiession,- and the whole was now before the : House. He •there tore saw no ground .f or specific inquiry ; the pro mitscot parts of the sublect would 60011 come up regularly before their Lordships its the shape of distinct Bills, when a full opportunity discus sion would be afforded. Upon these ground 4 he telt it his duty to offer a negative 'to (he Noble Earl's rnotion. The Marquis of LAN'SDOW - NE rose, and argue 4 at leng.th "on the impropriety of their being Called Uponi to continuo a war of profound peace. The Noble .111,aquis went most minutely into the subject of the B an k , ft e , , istriction i which, he contended, was a most initt 'dons measure. Lie then adverted to the inelau . . Pchoiy scenes daily witnessed by the prosecutions fir forgeries 01 1 the Bank, and recommended strongly t he• propriety of some alteration in the torin'-ot Notes, and concluded . by suppbrting the :notion. . The :Earl of IlAnitoivnY objected strongly to the Motion, on the ground of its not Vein necessary ; but at the same time concurred in the necessity of some'iteps- beit* Taken to make for.dries on the Bank more difficult. The Noble Lord next ad verted to the regulation of tountryßanks, which. he obsersed, was a measure likely to be productive of the most beneficial effecti, and concluded by opposing the motion. _ _ SI'DMOUTEI concurred in the propriety of doing every thing possible to prevent forget ies on-:.the Bank, which he observed was a subject which required close in‘eatigation. At the same time he believed their Lord s hips and the country were deceived as to Bank forgeries having increas ed since the Bank Restriction. He held in his band a return which stated the number of prose cutions within certain periods before and after the Restriction, from which it appeared there was not any increase equal to what was supposed. In the twenty-one years since the Restriction, there were 995 prosecutions for forgeries on Country Banks and the Bank of England, while in the same period there were 3099 Prosecutions for counter feiting the coin of the realm. This skewed that the Restriction did not operate' as was supposed to cause forgeries. Lord LAUDERDALE replied at some length. After witieh-the question was put, and negatived without alliFision.—Adjourned. HOUSE OF CO:OMONS. A person from the Crown Odiee presented as Account or the u•lmb.r of Pardons granted under the Great Seal fur the last te•n years. j,danson, frgrn the Office of the Secretary for Ireland, presented Returns of. the Wol 'Keepers' Fees and Enthlu nrents, . • .Mr. Hutchiusors presented , Necounts of- the number of So: vereigns and Half Soveseiges coined during the last year; and also of the of - Standard Gold during that period. Mr. M. A. TAYLOR presented the Report of the Com. mittee on the Mary-le-hone Petition, wbich was °slim-ed to lie on the - • • ' , Colt:)nel GRANT presented a Pdition fr 011) Elgin against the .Ic.otch'l.unatic Asylum Bill. Sir E. Blf,YDGES'presented a Petition from the Inhabitants of Gravesend, praying. a repeal altogether of the I)uttes on Salt..—Ordered,to lie on the table,-and to he printed. General THORNTON gave 'notice, that on Wednesday 'next he sliould.inove . for Accounts . of the different Parlia -meiltay Grants - to the British Museum for the last twelve years, and the application•thereof. , • Several Petitions were presented against the Ulverstone Road Bill. 'Alder:imp WOOD, on presenting' a Petition - from the Ward 01Bishopsgate azainst the . Select Vestries and Pour Laws' expressed his boor that the Rightifion. Gent leman who had brought in these Bills winild except the City of London, vs it was utterly impo. , sihlo that the 1 5 arishes could exist un ler such rqzulfitio6 , ..---( )rdered to lie on the table. Sir N. C.;ouurklußsT presented a Petit ion from the Fli.;isegio!ders 441; Cork against the 'Window D uty.—Ordered o lie t;n the txl,le , ' "' Sir J. SUA W presented a Petition from the Parish of M. Sc- . • N ;I • againA the Select Vestries and Poor Lawi . Ordered to lii on the titt)l, Mr. GURNEY .presented a Petition froth a Mr. Fisher, against the claims of Eleven Copies of every Work by the Universities, &c. • • bird G. (WENDISTI presented a Petitiou.,from the Re tail Shopkeepers of Thetford. against '(as well as could be heard) tke Shop-window or tVarelloose Tax.--Ordered to lie on the table. . • General HART presentetl-a Petition from- &Town in the : County of Donegal, praying 41 modification of the Laws that authorize Fines on illicit Distillatitwi.; , —lteail, and--ordered to lie On the table. , Thu Huu. General then complained of a Return ordered peremptorily On -the Roth of Jane last, respecting Fines on illicit Distillation, not having yet bees, made. He descanted on the.grierauces under which the people of that part of Ire land laboured from - those heavy tines. Mr. ORDE alluded to the measure which was carried last year on this subject by a eery small majority,: and ybsereed that exactly the coniequencei which an HOU: 7 GentleMan had predicted had followed from it. J-Jel continued to remark upon this subject, but the noise was .so great as , to prevent hearing him. Mr. SPEAKER wasiimlerstoOd to inform the Honourable Member, that any Order of the last Sess,iiin must be revived in the present, if it hid not been acted upon. . Mr. PEEL said a few words lit eSplanation why the Ac r coup's lied not yet been presented. . Mr. MARSH postponed his notice of - a . motion respecting the,Delns of the Nabob Of Arcot till the 99t11. Mr. BROUGHAM said lie held in his hand a Petition from ,the Inhaltitatitsof St- Leonard's, Shorediteb, against the Se lect - Vestries'. Bill, which They statrd to pOssess very grave ob jections. One of moat constaptenee, in his opinion, was the appointment of "a permanent ehairman ; and also, that per, son, sb inhl vote according to their property. If this pritrei , p'iewere to be carried - in.one parish that lie cool& name. a . sktigle Brewhottse would overwhelm all the other pr , merty. There w e re aho many other grounds of ()Wain() against the measure, which deservrd the deepest consideration... . The Petition was brought nit, read, and ordered to 'tie on the tAle, Mr. Nor presented Accounts of the Arrears of tile Property Tax.:--Ordered tu be referred to the Cbruniitttc of, Wayvitiot Means.. : Th e same. Right`Hort. Gentleman also presunted Accounts of the toromes of their Royal Highnesses , the Dukes of Clarence, Ken, and - Cambridsu.—Ordered to lie an the table. • w.;GEB OF BATTLE. The ATTMINEY—CiENEitAL was untlertood to givis n 4, tice, that be would shortly move for leaveto brim.! in , t to repeal the ancient Law relative to the Wager of Battle.--•- (Hear, bear !) COMMITTEE• OF WAYS AN!) MEANS The CHANCELLOR of the EXCHEQUER haring moved the Order of the Day for the House going into a-Conimittee of Ways and Meaos; Mr: J. P. OItAN .asked why no Returns had yet been . 1111 We of certain Public Accuwas already moved lor, and ne7 cessary to he perused before the I loose could gee fully into the subject of the Ways . and Trans of the year ?- - The CHANCELLOR of the EXCHEQUER was belied to answer, that those iceonms bore no relation to the state - - mem he would Make this evening ? An Hon. Member wished to know, if going into this Com mittee would nut preclude the farther consideration of -the Seltet Vestries and Poor Laws' Bills? Mr. S. BOURNE said, he should bring them forward in , the course of the evening, if possible. Lord STANLEY wished to know from the Right Hon. Gen tlemao apposite, whether the consoli4ated duty of 153. per cent. Ur be - ii;iyal)le out all thanirfactured•goods, was intended to exclude cotton goods or not ?. 7 • " The CHANCELLOR of the EXCHEWER gave a brief answer, which could run be distinctly heard. Mr. B. WILBRAHAM wished to suggest whether It would not be latter, before going into the Committee, to poApone . the consideration of the Poor Laws' 11,11 till another day_? '` Sir R. PEEL was afraid that the consith-ration of the Cotton Manufacturers' Apprentices' Bill, wotild be' put off till so late an hour, that it could not receive doe attention ; be, therefore, thought it would be better to nioveto prikt;• pone the further proceedings on Whelk he hoped Ge.. , lemen would give it :i n eailtatteAtion, Some other Gentleman being about to rise, The SPEAKER intimated that the I tutinii for the ' post. ponement could not regularly be made at the present rite 7 ' mein, unless it were the pleasure of the House that the question -foe going into the Committee be Withdrawn: 'lle trustetrGentlemen would' see that ',such desultory conversa tions as arose out of other. subjects than that immediately before the Ilanse, only tended to impede the public bittinekr. The House then went into the Committee, when the CHANCELLOR of the EXCHEQUER moved that the it oresented, be laid before the Committee; winch wns agreed to, preparatory to we opening of his NEW PLAN OF FINANCE. •The CHANCELLOi«,f the Excite - Amiga began .by expreising h s metre: that what he had to stale this evening should cause the .slightest delay in any other proceeding before the House; butt he wished to press upqn their attention a subject of peculiar importance ; and Gentlemen must be aware, that wheneser the subject - of a Loan was brought before l'arliamenr, the other business gave wayto it" Under these circumstances he claimed their indulgence, sts lii had to make a statement to the House of the highly favourable terms on which a bargain had been arranged-- (Hear, hear !)—tor x very large stint of money, and which, though not completely so within the small sum of 700 or 800,000/. But even this slight deficiency 'was in such progiess of fulfilment, that he should be wanting in justice to the Subscribers if lie did not take this early opportunity of calling for the approbation of the House to the terms on which the amount had been obtained. Before, however, he should call thu attention of (Igntletnen to the particular point in question, it 'might be expected from him that he should enter into some Circumstantial stale went of the financial measures for the year. It was his intention briefly to do so, although he was sensible that he should address the House to some disadvantage; because the papers' containing the ;Annual accounts of the year were not yet pre ! seined ; therefore - Gentlemen . ' would not he able to obtain that full information which they would possess if the subject hail been brought forward at ,u later period. But lie apprehendeir, 'that in the future stages oi . the, proceeding thit.would arise out of his statement, every Gentleman would have. a full opportunity of.supplying any deficiency that might appear, or making anyoWervation% that the importance of the Subject might seem td demand. It must 'be recollectedYtbat for all, or nearly all the operations of the year, had already beep voted ; so that conld,rnow state the amount of the Sopply and the•Way*ipui Means of the year, with but few exceptions. The Ilutt,c . were.iti.are that I hey had already voted the amount of the Na - vy Estimates, the Army Esti - - mates and Extraordinaries, the Ordinance Esti mates', and that a considerable progress had been made in the Miscellaneous Estimates, although some remained. On referring to the votes for the At my Estimates, it would he Seen that there was a sum of 140,000/. for the Extraordinaries of the Army, the particulars of which would, on kt future day, be suhinit4ed to the House. The votes that had been already passed,for the ArMy, and which included the Extraoidinaries, &C. amounted to a total of 8;970,000/. In 'the last year the sum voted for this purpose was 9,412,000/. in both these cases were incladed the exPences of the em bodied Militia, • which were not voted - ast :scar till a late, period, and were added `afterwards• by the Committee. The amount' of the Navy Estimates last year was 7,590.0,001. In the pre sent year they were 6,456,0001. The Ordnance Estimates included. the vote fur the Ordnance of-, e •ar thel,aval service, which an:3Unted, iii year, to '1,245,006f,, Theie,. in the last were 1,270,0001. , The Miscellaneotis Services w oiod generally at the estimated itto""l,-f I ,72(1,6001..; . hu,t cours e did, not itic"! the SIMI rf 1,000,0001. 'ranted for the 'of 11PV Churches and Chaiiers ; but it in° d c t: . 100,0001 for theincreaSe of . small livings `fin o • Queen An 'ea BOnnty. .. In . tile last year, 1110 Services anionnted to 1 The total° et Supplies, therefore, Without including tPein ter jlo.. on . Exchequer Bills, and rite Sinking Fund on. o r the pre:g-to Annie, might be stated at 18,392,00 01 . - , bas t Y tq they were 20,074,0001. , In additiou; ibe•Sertiices of the year ? properly so c alled , 111 1 be addetl . 2,ooo.oooV , far,the .interest 0 ,, rim',lo quer Bills, autt 560,000L..f0r.the Sinking them; . so that the - it;ll9He together ,%. -01 '. 1(1 to 20,952i4001.' - -.1.1e -- .lliosigbt.., it verF t r° that iii cons . erptestee of the 1117ii.ngement thl I? been come . to, thCievrould- - bts . saving in rah isstie ; Must b e , t ' fio n leered, 'that -wis+s-har . .thia—turned. out so 'Or ' p provisioo bad - .alteady bceii, made for thew, is addition to these -Services; there woe sacrifices that r 6n - ain: it to be prod -ded the The first was n - giorti that : had been voted f' , : c tort ifieationssin the Netherialuis, u nder the,.;,r,e, b s At It7lJ ?)lit this 4uns :was nor intendco "110. raiseti bratty new bbial - iv'n . iitr tire-cot; otry rbigl-rf be paid out the C:Ontributions in the the Com mi iiion .s . . :I . lle secolid was i lle 010' of 400 . 11001. los-the execution of 'thelterlY 'An' Spalo, for the A'aolition of the Slave.T.rOde., tier extraordlu ;4 ry'occAsion t he: t - lze'llf. , : !ys aryl foi die faStyea ! l: 2.5 1 1,1etta 1. not at po 6 atire to thetOlfauif • —a} '5 3114 :f. tl O themselves ; fiUisi the circtiniStau ee vote to the atuount.of , :".160.,0001.- which I°' ) 1 1 die after the other supplies had , been voted, '.O e •i ‘Va ys ird Mcaus prod nee il,- . ' a rid-_ w hich - %ve l the expense of the disembodied „ t o! sum' was to be -mos-4W for -ota of ttieiice duce of the Laud Tax, so that the P r , ( o-'s' of the Revenue wool,! be diminished t" Ih- , Te' tent. Last year this sum was-agreed to I : J i t %O S , solution in the C-ommittee of Supply Olt" too late •to be provided for by the. .%Vt',.. - ; 1"e,,P5; and thi s was the .cause of the.dclic.,e, s et' Time total amount . .of the two extraortlittf46l,,," vices he bad mentioned anionlited to f tII He-woold now detail .the..prioCipal itott s o'l o Ways and Means. In the first place, ,ther-o.l,ich a vote - of 3,000,000.1. of the - . Aantial TAlre'p o lie' required no eXid.mation. The gxets e f ete' Might he. taken at 3,500,0001. ; but bY se en reuce to - -this year's aceoriats it. tvolibi "% e at'a that .the progress in Oils branch of the rein be was most important. The Lottery, it A ., 113 , i 0 4 00 1 ' calculated, would a e iniautit to the sum of tad With respect to the sale of old naval store ;' 11 , 1 1 were. estimated at 250,0001. Last Y e ', l ", `old for - 400,0001., but it was / theFourse of a certain tune atter-the celle of a wit.; theie stores must be diminishd., stet sumwais, conese,...hut a conjeet u ral Estit' l ,o thotily,h-thire , ivos reason to believe that it l '''` fr all t been taken too highly. The next item aro,.e some,consitierable ;arrears to be received frori•t:ir, Property Tali— 14 The ......ops.e -was trvo' re that hie° yet: 350.0001 'remained - to he collected. 01: about 100..0601. had come i n., am tst,o - tyro he received the course of the P r L7oo l ' year: ,-- There WaialsO a sum of More ilia.) / 1 ' which arose twin the profits that bad r e ) ; 1 0 , front the Loan of a million in Excheipter l or granted laat year for the general' entployotento, labourers, .and which the Cominissiotiers'f°l.-p;s' nagjog that , Loan had,already paid into the lie r e-' chequer ; and lintels more Was. expected t° rffid turned in the course of the . currvot Y e '' r s 'Alee' l ! total arpoliut, therefore; Aar the Ways bri t! 600 that 'night be Considered as ready,. 01(ta t Yij o lLe'l 7,271,0001. and uptvards. bad 1" ) c 6 , 61 s I 250,0001. ' c ot the Consolidated Fund - for t hough s vo' there would be some su rplus, not .aware that it, would - be more than plyalie dtfi . cieticy of the preceding yea' yeloltlitxPr_ 4l ,:fsome 'very consider ,d) / c ye itr: 4 ; woUld'he'ilisposab!e for the servire c) These stims, added 'I ogee her, am 00 141 said, to 7,271;0001.;. and which, with the total of the Supplies, 14,0W0001. to be . provided for io the c 'o l ,o o v . " the year. To provide for this sum „ i of Ille and also to (-fleet a considerable retittc" - j to Unfunded Debt COvei n mem had res"icen- be e / ter into the artaaeeitients now a bout 1- es s3 or i l'hiiited. In the first place, it wOuld be l 'r e a 10, that lie should state the objects which in view in this transaction, the prine ; p o ° to , 11` 1 : was makt a considerable reduction of ' e funded Debt Outstanding. The Contlott re tie ee ry he aware that it was always usual to (eke , r et , ‘ liest opportunity, after a peace, of fon trlng t o , i l J ° t part of that debt, which never tailed t o aeca 110,1 in time of war. It Might . he reinernbereort,o' 411 the course of the year 1816, lie g"" r a reas •notice, that after a lapse of two years'n,' bt intention to provide for the U n tuirtle d .' % pec tls : should arise within that' time ; and hiS - ha d ee t t . tions . art what he should be able 1 0 ah°, 6 - taially not only been realized,, but h e % 5 led .t() folfiLeVen much , more t h an 'h e bad th en w hy 11- House 1.0 expect or to hope. The reas° l ' s bor: had tatter) this opportunity of enne luding t 1 . , OP for the reduction of the UnluntledPehgree,l that this Debt had increa s ed in a grea t n ( Wir t !: • and 4hbough it bad beeo attended wi th i ii- not . lunt` to the service , yet it tv°l-''',, proper to coutinue [much longer 50 harg; e a be, rear. In the last two . . years circuinston' pd. required ,Government to increase th is o loa' 18,000,0001.; but to continue a n antrual. P r o oil g ation of .it, to the aniPuut of between 5 ,,,.4, 11 " 60,000,0001. might create alarm and be this cumin dangerous. tut although - be was cotelln c-- yet tt there teas no ground fur alarm at presents r ye at , 1 14 y ‘i ) t r a t k l e i was deemed vvry desirable -to reduce be would put it Jo the House whether the) ? _ r c: the 1: 1 ,1 is a( p iv u a r i p it o a s g e e p: )f ut i l tl e e nt p M ri i c tis o t f ers tb s e vo is ii . l u tl n e ds e : ic i li ll I,kely to find a' better opportunity than sent ? The Funds 'might 'be higher ; b ut ee'' would not produce . a More beneficiel arrange:o.o' than the one lie was about to show bad beer' th e eltided• lie would now state what had E'e°se i ts expectations - he :had held out to the 10'3,005 1815. He then stated, 'that b esides the 5' 1, .+ A/1 , 9 apt ' ~~ p ~~~1 b,,~ 11 , 1 , 1 txp (if 2) • fa vi I tt`v t 1 0 111 ,